Wall Street has done it, and it's more than exceptional and historic: all six major US indices have broken a record, and for the three "majors" (Dow, S&P, Nasdaq), it's the fourth consecutive absolute record, with four new "intraday/close doubles".

The Dow Jones (+0.7% to 44,293) set a new high at 44,480, the S&P500 (+0.1% to 6,001) peaked at 6.017 and the Nasdaq Composite (+0.06% to 19.298) reached an all-time 'peak' at 19.386.

Note that once again, Tesla's rise (+9% to $350 and +10.2% to $354 'after hour' for $1.125 billion in 'capi', the highest since April 2022) accounted for over 100% of the Nasdaq's rise.

The Russell-2000 (+1.47%) also set a new record for 2024 at 2,435 (with an opening 'gap' to boot), while the Wilshire-5000 (+0.3% to 60.300) flirted with the 60,600 mark... and the Dow Transportation climbed +1.22% to 17,560 after topping out at 17,676.

It was a new all-round record high, the likes of which Wall Street has never seen in 53 years (since the Nasdaq came into existence, i.e. February 1971).

Wall Street continued to soar against the backdrop of the Trump Trade, which led to a surge in all US equities and a rise in the dollar (+0.6% on the $-Index to 105.6) on expectations of tax cuts promised by the next US President.

Against this backdrop, investors may continue to be cautious about European equities, which they see as more vulnerable to the economic slowdown. U.S. equities have more to offer", Pictet AM's teams summed up on Friday.

In the U.S., consumer price figures due on Wednesday should confirm inflation's return to the Fed's 2% target.

Retail sales, expected on Friday, could be affected by hurricane-related disruptions and pre-election uncertainty, which may have dampened household spending.

In the meantime, the fixed-income markets looked gloomy, with T-Bonds easing +3 basis points to 4.34% (note that the '2-year' remained stable at 4.252%).

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